Evaluation criteria

for including an initiative in the NBS Innovation Hub

NBS evaluation criteria	Key questions1	Positive indicators2	Negative indicators3
Distinctness and innovation	Is the intended service or activity distinct from the offers of other financial market participants in Slovakia and does it contain any financial innovation features?	The initial analysis identified few or no comparable services or activities in the Slovak financial market.The intended service or activity represents a new technology-based approach in the area of finance which may lead to the establishment of a new business model, a solution, process or product applicable in practice with a significant impact on financial markets, institutions and the provision of financial services in Slovakia.	Several similar activities or services are available in the Slovak financial market.Artificially provided distinction of a service or activity.The intended activity or service does not have any financial innovation features.
Knowledge of the applicable regulatory framework	Was the applicant’s effort sufficient to understand the regulatory framework relating to the intended activity or service?	The applicant has demonstrably analysed the compliance of the intended activity or service with the existing regulatory framework.	The applicant has not demonstrably analysed the compliance of the intended activity or service with the existing regulatory framework.
The need for cooperation with the NBS Innovation Hub	Is the activity or service clearly defined in the existing regulatory framework?Does the question fall within NBS’s competence?	The activity or service is not clearly defined in the existing regulatory framework and relates to the regulations within NBS’s competence.	The activity or service is clearly defined in the existing regulatory framework.The applicant cannot formulate what constitutes the uncertainty of the existing regulatory framework.The solution to the initiative does not require the involvement of a supervisory authority; it falls within the scope of services currently provided by financial and legal advisors.The question relates to matters outside NBS’s competence, for example, personal data protection, taxes, etc.
Benefits to the consumers and the Slovak financial system	Does the intended service or activity offer identifiable direct or indirect benefits to the consumers, or does it reduce risks in the Slovak financial system?	The intended service or activity improves position of the consumers through, for example, lower price or higher quality.The applicant has analysed the risks related to the intended service or activity in respect of the consumers and the Slovak financial system and has proposed measures to mitigate them.The intended service or activity will make the Slovak financial system more competitive.	The innovation is likely to have adverse effects on the consumers or the Slovak financial system.The intended service or activity includes features aimed at regulatory arbitrage.

1) The applicant will give answers to the questions in the contact form.
2) The initiative will be dealt with in the NBS Innovation Hub if all positive indicators are complied with.
3) The initiative will not be dealt with in the NBS Innovation Hub.